Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling - Cheaper fees
Customers using credit cards on Coinbase: the following card issuers are now blocking purchases of digital currency with credit cards.
Chase
Bank of America
Citi
Capital One
We're encouraging affected customers to switch to debit card or bank account payment methods.
Chase
Bank of America
Citi
Capital One
We're encouraging affected customers to switch to debit card or bank account payment methods.
Some see this as bad news but on the contrary it's good you shouldn't be using credit cards to buy crypto if you do not have the money then you shouldn't be taking the risks
I'd leave the decision what to do with funds on credit cards to their owners.
Otherwise we can end up with banks deciding what we're allowed to buy with CCs as a first step, and then they will likely go further.
Hey wait, it's actually happening now
You may have possession of a credit card but all funds are strictly in ownership of the banks borrowing money on a credit card is no different that taking out a loan
What about some poor fool that got a CC with a nice 10k credit limit and bought a few BCH at $3K expecting it to double quickly only for it to now be worth $2500 and unable to afford the repayments
They are not saying you cannot use a Debit Card where you own the funds in your account just Credit Cards where the bank is loaning you their money big difference
Well, I'd expect a restriction on CC terms specifting explicitly what is not allowed to buy with your CC. If there's none, then the bank just gives you high rate loan without asking what you're going to do with the money. They determine upfront if you're able to repay the debt, and that's it. Applying a restriction looks like a change in the terms of your CC agreement.
If you have to use a Credit Card to purchase Bitcoin, you should not be purchasing Bitcoin. This is a NON-event.